By Tracy Johnson, CBC News Posted: May 05, 2016 3:00 AM MT Last Updated: May 05, 2016 9:54 AM MT Oil prices jump as Fort McMurray wildfire slows down oil sands production Crude oil is trading higher by approximately three per cent this morning, in part because of the production slowdowns and questions about how long they will last. "Ultimately, will this mean that the global surplus of crude will get winnowed down faster than we thought previously," said Judith Dwarkin, chief economist at RS Energy Group in Calgary. "It really depends on how much is shut in and how long it's shut in, and we just don't know at this point how quickly the operators will be able to re-establish production at previous levels." "What makes the Canadian energy sector great is that we have highly skilled people, and these people are now in a very difficult state," said Gaetan Caron, former head of the National Energy Board. "The most significant impact in the short term and the midterm is the people whose lives have been affected; their priority right now is to stay safe and go back eventually to a normal life. That will have an impact on the resources available to companies in terms of the experience, the know-how, and the knowledge."